1254                      L'UN1:BER UJNDEIRWIWUTERPS.
TJNDERWRITING AND INVESTMENT EXHIBIT--Continued.
UNDERWRITING        EXPENSES.       I                             I
Underwriting   expenses   paid  during!
the year ...........I.......             . $65,689 00!. .          ..............
Deduct underwriting expenses unpaid!
Dec. 31 of previous year .............1     2,465 691 ........      1
Balance .....................1.       $63,223 311 .......       I    .
Add   underwriting   expenses   unpaidl                             I
Dec. 31, end of the year ............      4,715 491.............I............
Underwriting expenses incurred dur-l
Ing the year .......................          ...... 1   67,938 80..
Underwriting losses and expenses..1                                     
219.35 .33
Gain from    underwriting   during  thel              I
year .. .I 1                                                           $15,867
16
INVESTMENT EXRIBIT.                             I
Interest and Rents.
Interliest, dividends and rents received1
du1ring the year ....................    $ 5,755 39!1 .......       1
Deduct interest. dividends and rents!                 I             I
accrued Dec. 31, end of the year ....!        175 00! ....          1
Balance                     ....       $5,580 391 .......       1
Add interest, dividends and rents ac-I                I              '
crued Dec. 31, end of the year ...... 1       175 001 .....  .. I.
Total.I _                               I        ;3I
T    ota  I  . ............ . . . . .  .. . .. .  ..............e 1vvv  e@@@
 ***1  **s@  @eew  $1Y,  755   39'
MISCELLANEOUS EXHIBIT.                           0I ain in       I  T,oss
in
I              I  Surplus.   I   Surplus.
Dividends   declared   to  stockholders!
during the year .................                 1 .        .   I     $1.8,077
55
Net loss from   above .................. .           1                  
 1    X 077 55
Total gains and losses in surplus dur-1
Ing the year         .         ........ I           1   $21,622 551    $18,077
55
Suirplus Dec.3, 1911         l .......... I  $74521
Suirplus Dec. 31, 1912 ............     I    10.997 51! .
Increase in surplus during the year..!.
I .............. .............. 1         3,545 00
Totals ..                    .     I                $21,622 551    $21,621
55
Per cent of losses incurred to premiums earned, 69.
Per cent of underwriting expenses incurred to premiums earned. 27.
Per cent of total losses and expenses incurred and dividends declared to
total
Income earned, 100.